Breaking Crypto News – Things to Know About XRP ETF Inevitable
Breaking Crypto News – Since the start of 2024, the cryptocurrency market has experienced tremendous growth. BTC, which is currently trading above $70,000, reached new all-time high of almost $73,700 in mid-March.
This achievement may have been partly caused by the historical introduction of several financial instruments that were not available in the United States a few months prior. The products in question are spot Bitcoin exchange-traded funds (ETFs), which were approved by the SEC in January. Additionally, the agency approved spot ETH ETFs last month.
Garlinghouse Gives Green Light to spot XRP ETFs
Numerous industry players have conjectured in recent months that an American spot XRP ETF may also become a reality. Recently, Brad Garlinghouse, the CEO of Ripple, stated that this kind of product is “inevitable,” along with SOL and ADA ETFs. He has hardened his position even further, arguing that investors should have exposure to a variety of ETFs, not just those that use Bitcoin and Ethereum as their underlying assets.
To me, it only makes sense. You don’t want to have just a single-threaded asset exposure. I think people also forget that it wasn’t that long time ago (before the SEC got involved) that XRP was the second-most valuable digital asset.
Garlinghouse
February of this year saw Garlinghouse make his initial remarks regarding the possible introduction of a spot XRP ETF in the US. He stated at the time that his business would be open to such a product. A few months later, the CEO presented the company’s three-year plan. It’s interesting to note that the introduction of a spot XRP ETF was not given top priority.
FAQ
What Do ETFs Do?
Without requiring investors to buy digital assets straight from exchanges, those financial vehicles give them exposure to the market. They make investing easier and reduce some risks—like those related to self-custody—that come with working with cryptocurrencies.
Does XRP have an ETF?
Currently, XRP does not have an ETF product.
What is the Price of XRP Right Now?
XRP is trading at $0.5242 at the time of writing.
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